Cuong Manh Luong: Week 3
Quiz Numeric Grade:
pts Letter Grade:
Comments:
Close
Grading Summary
These are the automatically computed results of your exam. Grades for essay
questions, and comments from your instructor, are in the "Details" section
below. Date Taken: 7/24/2016
Time Spent: 1 h , 28 min , 59 secs
Points Received: (100%)
Question Type: # Of Questions: # Correct:
Multiple Choice 1 1
Essay 3 N/A
Grade Details - All Questions
Question 1. Question : (TCO B) All of the below would be considered good selection
criteria for a buyer to use to select a seller, except
Student Answer: CORRECT - managerial approach of seller, capacity of seller to do
the work, and buyer’s ability to create a WBS.
- proprietary rights of buyer, life cycle cost of product,
and warrantee offered by seller.
- past work done by seller, intellectual property rights,
and references associated with a given seller.
- technical capability of seller, understanding of work by
seller, and business type of seller.
Instructor Explanation: PMBOK® Guide, Chapter 12
Points Received: 10 of 10
Comments:
Question 2. Question: (TCO A) Describe and explain the four processes in the
procurement management process for the buyer as shown in the PMBOK® Guide.
Student Answer: Four processes in the procurement area:
1- Plan: the plan procurement management focuses on “documenting
project procurement decisions, specifying the approach, and identifying potential
sellers.” This analyzes the organization project through the identification of
products and services that can be developed internally and those that require
external contributions, the project manager or the decision maker decide which
project they will do internally and which services they require outsourced. This
procurement process is basically a "Make-or-Buy" Decision, here we also create the
(RFP) which should form the basis for any subsequent contract.
2- Conduct: We aim at the end of this process to ultimately award the
contract, by getting and validating seller responses, selecting the right seller, this
process is basically a filtering process in which the buyer select the appropriate
vendor/seller as per their matched requirement here we divided into sub-
category
This study source was downloaded by 100000861168648 from CourseHero.com on 03-09-2023 01:09:02 GMT -06:00
https://www.coursehero.com/file/15874148/Week-3-Quiz-Grade/
, which INPUT, Tools and Technique and OUTPUT. In input buyer create a
documentation which is basically RFP(Request for Proposal) for sellers and in the
RFP buyer set a criteria what type of seller they required. In the tool and technique
buyer set the bidding process and doing advertisement process for the pre-qualified
buyer and at last buyer selected the seller with whom he signed the contract with.
3- Control: This step comes when narrowing down our selection to one seller
and after selecting the sellers the process goes in next phase which is monitoring
and controlling and managing procurement (buyer/seller) relationships,
monitoring and controlling contract performance, responding to unforeseen
procurement events, and making corrections or adjustments.
4-Closing: here we are talking about the closing of the project where we are
finalizing open claims, documenting lessons learned, and updating records to
reflect final results, we must maintain records associated with procurements
should claims arise later. The goal of this process is the closure of procurement
applicable to the project, the buyer here do the final payment, verify all the
deliverable for that project, and secure release of lines.
Instructor Explanation: See the PMBOK® Guide, Chapter 12.
Plan procurements
Conduct procurements
Control procurements
Closeout procurements
Students must list and explain what occurs in each process.
Points Received: 30 of 30
Comments:
Question 3. Question: (TCO C) Compare and contrast a firm fixed-price contract with
a cost-plus contract. When would each be appropriate for a given project?
Student Answer: A cost plus and a fixed price contract are two types of construction
contracts. Both are used frequently when entering into an agreement to build a
home or other type of structure. Each has its own special advantages and
disadvantages for both the contractor and the buyer.
Fixed price means that a price has been set for goods or services, and in most
circumstances, no bargaining is permitted over that price. The price is held constant
regardless of the cost of production. Fixed-price contracts are the standard business
pricing management. There are two types of fixed-price contracts: Firm-fixed-price
and Fixed-price with economic price adjustment.
When to used Fixed Price Contract?
- Used for acquiring goods or services with well-defined specifications
or requirements
- There is enough competition to determine a fair and reasonable fixed
price before the work begins
- Most widely used: Firm Fixed Price Contract (FFPC) Cost plus pricing, often
used in government contracts, refers to a contract where the price is based upon
the
This study source was downloaded by 100000861168648 from CourseHero.com on 03-09-2023 01:09:02 GMT -06:00
https://www.coursehero.com/file/15874148/Week-3-Quiz-Grade/
Quiz Numeric Grade:
pts Letter Grade:
Comments:
Close
Grading Summary
These are the automatically computed results of your exam. Grades for essay
questions, and comments from your instructor, are in the "Details" section
below. Date Taken: 7/24/2016
Time Spent: 1 h , 28 min , 59 secs
Points Received: (100%)
Question Type: # Of Questions: # Correct:
Multiple Choice 1 1
Essay 3 N/A
Grade Details - All Questions
Question 1. Question : (TCO B) All of the below would be considered good selection
criteria for a buyer to use to select a seller, except
Student Answer: CORRECT - managerial approach of seller, capacity of seller to do
the work, and buyer’s ability to create a WBS.
- proprietary rights of buyer, life cycle cost of product,
and warrantee offered by seller.
- past work done by seller, intellectual property rights,
and references associated with a given seller.
- technical capability of seller, understanding of work by
seller, and business type of seller.
Instructor Explanation: PMBOK® Guide, Chapter 12
Points Received: 10 of 10
Comments:
Question 2. Question: (TCO A) Describe and explain the four processes in the
procurement management process for the buyer as shown in the PMBOK® Guide.
Student Answer: Four processes in the procurement area:
1- Plan: the plan procurement management focuses on “documenting
project procurement decisions, specifying the approach, and identifying potential
sellers.” This analyzes the organization project through the identification of
products and services that can be developed internally and those that require
external contributions, the project manager or the decision maker decide which
project they will do internally and which services they require outsourced. This
procurement process is basically a "Make-or-Buy" Decision, here we also create the
(RFP) which should form the basis for any subsequent contract.
2- Conduct: We aim at the end of this process to ultimately award the
contract, by getting and validating seller responses, selecting the right seller, this
process is basically a filtering process in which the buyer select the appropriate
vendor/seller as per their matched requirement here we divided into sub-
category
This study source was downloaded by 100000861168648 from CourseHero.com on 03-09-2023 01:09:02 GMT -06:00
https://www.coursehero.com/file/15874148/Week-3-Quiz-Grade/
, which INPUT, Tools and Technique and OUTPUT. In input buyer create a
documentation which is basically RFP(Request for Proposal) for sellers and in the
RFP buyer set a criteria what type of seller they required. In the tool and technique
buyer set the bidding process and doing advertisement process for the pre-qualified
buyer and at last buyer selected the seller with whom he signed the contract with.
3- Control: This step comes when narrowing down our selection to one seller
and after selecting the sellers the process goes in next phase which is monitoring
and controlling and managing procurement (buyer/seller) relationships,
monitoring and controlling contract performance, responding to unforeseen
procurement events, and making corrections or adjustments.
4-Closing: here we are talking about the closing of the project where we are
finalizing open claims, documenting lessons learned, and updating records to
reflect final results, we must maintain records associated with procurements
should claims arise later. The goal of this process is the closure of procurement
applicable to the project, the buyer here do the final payment, verify all the
deliverable for that project, and secure release of lines.
Instructor Explanation: See the PMBOK® Guide, Chapter 12.
Plan procurements
Conduct procurements
Control procurements
Closeout procurements
Students must list and explain what occurs in each process.
Points Received: 30 of 30
Comments:
Question 3. Question: (TCO C) Compare and contrast a firm fixed-price contract with
a cost-plus contract. When would each be appropriate for a given project?
Student Answer: A cost plus and a fixed price contract are two types of construction
contracts. Both are used frequently when entering into an agreement to build a
home or other type of structure. Each has its own special advantages and
disadvantages for both the contractor and the buyer.
Fixed price means that a price has been set for goods or services, and in most
circumstances, no bargaining is permitted over that price. The price is held constant
regardless of the cost of production. Fixed-price contracts are the standard business
pricing management. There are two types of fixed-price contracts: Firm-fixed-price
and Fixed-price with economic price adjustment.
When to used Fixed Price Contract?
- Used for acquiring goods or services with well-defined specifications
or requirements
- There is enough competition to determine a fair and reasonable fixed
price before the work begins
- Most widely used: Firm Fixed Price Contract (FFPC) Cost plus pricing, often
used in government contracts, refers to a contract where the price is based upon
the
This study source was downloaded by 100000861168648 from CourseHero.com on 03-09-2023 01:09:02 GMT -06:00
https://www.coursehero.com/file/15874148/Week-3-Quiz-Grade/
